Dangote refinery IPO to open within the next 12 days

The initial public offering of the Dangote Refinery, Africa’s largest oil refinery, is expected to open within the next 10 to 12 days.

According to Reuters, Aliko Dangote, disclosed this on Thursday while speaking to investors and analysts in Botswana during a visit to the Southern African country.

The IPO is coming a few months after the Refinery had secured $2.5 billion through a private placement, strengthening its balance sheet ahead of the planned IPO and its next phase of expansion.

What Dangote is saying

According to Dangote, the IPO is expected to raise about $5 billion, potentially making it the largest public offering in Africa.

• “So our dream is that we want to make sure we double the capacity of the refinery, which will take us to 1.4 million barrels per day. The IPO will open in the next 10 to 12 days,” Dangote said.

The 650,000 barrels per day Dangote Refinery reached full nameplate capacity in February and has since tested production at 700,000 barrels per day.

Dangote said the group plans to double the refinery’s capacity to 1.4 million barrels per day, reinforcing its ambition to position the facility as a major supplier of refined petroleum products to African and international markets.

The refinery has benefited from stronger refining margins amid disruptions in the global oil market, particularly as tensions in the Middle East have increased demand for alternative fuel supplies.

Dangote Cement London listing planned for October

Meanwhile, Dangote said the secondary listing of Dangote Cement Plc on the London Stock Exchange is expected to take place in October.

The listing is expected to broaden the cement company’s access to international investors and provide greater exposure to global capital markets.

Dangote Cement is one of the flagship businesses of the Dangote Group and is…